建筑工程行业2月跟踪报告调控下推荐加速成长四小龙130305

1、1203 1204 1205 1206 1207 1208 1209 1210 1211 1212 1301 1302 1303()20132201335520014245.5%10%162.3%20131399021-201331s101051012007120%021-s10105120800012013167.642.9%15.1%133.350%30%30020122012210%-10%-30%-50%41%40%37%28%26%201220131.20131. 2013-1-2811eps12e13e14e11pe12e13e14epbpeg2.2012 12. 2012-12-

2、173.468.120.450.480.500.670.580.860.671.0781771269581.12.30.540.553201326.4936.990.620.940.751.431.022.001.352.7043393526261820149.67.71.440.93. 2012-12-1221.7819.7124.5029.0527.0019.2612.990.710.550.720.600.730.370.551.000.720.780.861.000.420.591.401.001.251.241.310.600.731.901.401.501.801.780.790.

3、92313634483752242227313427462216202023213218111416161524144.23.44.54.54.24.82.30.790.981.231.101.071.801.264. 2012-12-42013341345678101112131420132. 1. 1. 1. 1. 1. 2. 4. 5. 6. 6. 6. 6. 7. 7. 7. 7. 8. 22m1m2. 2. 2. 2. 3. 3. 3. 39 40. 5. 5. 5. 6. 6. 6151617181923420132. 6. 7. 7. 8. 81 2011. 3. 8. 9.10

4、2013220134050201317pe/201330%201220131m110890m215.3%634415.9%8.820132.12013 18.5-91090109040907 091010011004 10071010110111041107 1110120112041207 1210130106010605060907010705070908010805080909010905090910011005100911011105110912011205120913012013212m1m22000050m1:(%)m2:(%)150001000050000340302010042

5、01212.5%631020137.6%5185650052002013 163.921014270.9%62.3%2012 122012 1249.620901090409070910100110041007101011011104110711101201120412071210130108100812090209040906090809100912100210041006100810101012110211041106110811101112120212041206120812101301081008120902090409060908091009121002100410061008101

6、0101211021104110611081110111212021204120612081210130109010904090709101001100410071010110111041107111012011204120712101301201325%6%250020001500100050002012200150100500-50-100160014001200100080060040020001.43200150100500-50-1001.2%2013399145.5%1.244591.2%1250.5% 110%178200015001000500012011150%100%50%

7、0%-50%-100%20121202816001400120010008006004002000201168.5%1904140%120%100%80%60%40%20%0%-20%-40%-60%201123*201120112011333142.626.219.5713.0167.0116.9111(2011-2016)*201120112011201120112011446666169.612.617.620.018.018.5848.0139.057.787.3998.0104.072011-2020*20117865.04325.03)20132264*20112011201112

8、121237.618.433.5188.091.8200.720121399.17136.611201220121211.931.578.2173.933*20122012338.033.540.0194.43232012 20202011 20182011 20202012 20182008 20182012 20182010 20152011 20202012 2018*201220122012201220122012201220122012201220122012444555666666161.020.020.553.975.338.4118.089.6228.9250.636.049.

9、2805.0114.8128.3336.5503.7180.3610.4562.21241.01586.9229.2309.35 662012689.7656.41217211742222112012 20202012 20192007 2016(2012 20182012201220122012201220122012201220122012201220122012201220122012201220127777888888111111111212121259.623.518.615.651.730.329.75.411.126.347.923.28996.330.1219.2421.970

10、.294.782.999.1333.2254.9175.540.1357.5182.27312.4145.23707636.95192.83126.6743.711904.312027.56*520133120%40803 0805 0807 0809 0811 0901 0903 0905 0907 0909 0911 1001 1003 1005 1007 1009 1011 1101 1103 1105 1107 1109 1111 1201 1203 1205 1207 1209 1211 13012005 20062002 2003 20042002 2003 2004 2005 2

11、006 2007 2008 2009 2010 2011 20122007 2008 2009 2010 2011 2012 2013201340%156513441262150066040%2013292013 140940300025002000150010005000140240195%201242%/25002000150010005000wind2013133.310142.9%67.620121115.1%(1500100050011213817521830040656677792250%1034116630%20%67.6 10%2000 160%500 151177238296

12、 133 10%1000 776 70%1423 130%1046 100%010%201301-20%2013509040906090809100912100210041006100810101012110211041106110811101112120212041206120812101212130209020908 1002 10081102 1108 12021208 13021002100410061008101010121103110511071109111112011203120512071209121113011002100410061008101010121103110511

13、07110911111201120312051207120912111301:20132121320015010050014()50%40%30%20%10%0%/30025020015010050015(50%40%30%20%10%0%-10%-20%-30%/)460440420400380360340320300280p.c32.5p.o42.55,5005,0004,5004,0003,5003,000: 12-25:20:6wind6110209021103090409060908091009121002100410061008101010121102110411061108111

14、0111212021204120612081210121213021104 1105 1106 1107 1108 1109 1110 1111 1112 1201 1202 1203 1204 1205 1206 1207 1208 1209 1210 1211 1212 1301 13022013216403530252015105017403020100windwind71102 1103 1104 1105 1106 1107 1108 1109 1110 1111 1112 1201 1202 1203 1204 1205 1206 1207 1208 1209 1210 1211

15、1212121213011301130213021102 1103 1104 1105 1106 1107 1108 1109 1110 1111 1112 1201 1202 1203 1204 1205 1206 1207 1208 1209 1210 1211-20132186050403020100wind194035302520151050wind2201319.7%7.9%382%1222320114.6%20121116201326172,800,1921.8%2012/2013/2014eps0.72/0.92/1.090.52/0.70/0.784.513.9201116.4

16、%39%7.11 /31.9532001.7620111.568%13%lnvtlnvt3ep13201220112011.4-2012.330%1.80.1520% eps0.7523302012201276%33%eps0.54201210 51812013250%20122012/2013/2014eps2.25/3.40/4.502.12/3.10/4.20201250.111 2720125020132012 11252736%6642% eps2.122012/2013/2014eps0.82/1.10/1.430.78/1.25/1.5028%8%eps0.7820122012/

17、2013/2014eps0.90/1.35/2.000.86/1.24/1.8020122.4730%18.542.9%eps0.8641.4%201246%54% eps1.032012101.5105201241%37%eps1.002012/2013/2014eps1.45/2.03/2.80201237%51% eps1.431.43/2.00/2.702012/2013/2014eps1.00/1.43/1.94201232%41% eps1.001.00/1.40/1.90201221%30% eps0.7230%2012/2013/2014eps0.47/0.72/1.03201

18、232%51% eps0.450.45/0.70/1.032012/2013/2014eps20120.70/0.91/1.2020124%11%eps0.630.63/0.80/1.00-4.977.88201210.31201155%18%71% eps0.372012eps0.700.67201226%1011%12 1eps0.672012311eps12e13e14e11pe12e13e14epegpbroe3.464.785.440.450.720.640.500.720.670.580.800.760.670.900.868797786675560.540.850.811.11.

19、01.08.912.67.392013211eps12e13e14e11pe12e13e14epegpbroe2.9710.6227.003.605.3719.268.1226.4924.9836.9921.7819.7116.6514.7470.4424.5029.0541.260.311.410.730.380.440.370.480.620.410.940.710.550.300.571.490.720.600.670.340.701.000.430.460.420.670.750.541.431.000.720.450.632.120.780.861.020.401.101.310.5

20、10.530.600.861.020.782.001.401.000.700.803.101.251.241.330.441.601.780.620.630.791.071.351.052.701.901.401.031.004.201.501.802.009837101252174361393136562647344862915278124612354626222737233331344071021710329263218162024182320233177156924820241411141615171616210.801.721.070.530.981.800.551.441.650.9

21、30.790.981.091.251.151.231.101.400.82.54.21.21.54.82.39.65.07.74.23.45.42.08.94.54.55.910.123.724.721.410.521.312.422.57.431.210.98.58.730.720.010.117.228.246.1021.926.8819.3030.368.2812.990.600.610.480.220.600.300.550.910.850.410.370.670.520.591.251.250.520.601.050.700.731.721.750.640.881.500.780.9

22、2773614905028245126175245162237181332291218271311222011141.830.851.401.501.420.731.268.22.92.06.14.61.42.327.618.412.85.623.75.721.9-1201334roepb42012-50%eps41%10-15%7%20-30%30%76%37%32%21%32%4%36%28%41%46%25%55%26%-7%37%10-15%14%25%-35%20%33%51%41%30%51%11%42%8%43%54%54%71%11%7%1.110.420.750.541.43

23、1.000.720.450.632.120.780.861.031.130.370.670.5910-“”analyst certificationiiithe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that: (i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers; and (ii)no part of the analysts compensation was, is, or will be dire